I would not take this much risk on my first deal if I couldn't survive it not working.  

But hold your horses and seek advise and wisdom from those who have already done it and survived or actually profited.You definitely want to work with well established, and recommended contractors.

We struggled,we hustled,we survived, and now 7 years later , we see the world differently than our parents. 

I can tell you the day I did my first deal I was terrified, but I survived that day and each has been better since.

Here are some of the liens that survive the foreclosure sale: Government Superior Foreclosure-Liens:IRS-under special circumstances (under 120 day redemption period from deed recording).

They do have surviving adult kids but the house as of now is still listed under the decesed parents names and they have been gone for a few years.  

Sometimes people need to be placed into a hard position in order to activate what I call their "creative survival instinct."  

Note, some liens like tax liens may survive the foreclosure.

We do not come from a wealthy family and every member of our family is trying to survive in their respective manner.

He will likely never make enough money to survive on his own, and will probably need some long-term financial help.